Payday Advances: Know Your Rights
What exactly is a “cash advance?”
A loan that is payday a short-term, high-cost deal where a client borrows cash for a site charge. The client writes a check that is personal the lending company when it comes to quantity lent as well as the solution fee. The lending company provides the client the loaned quantity and holds the customer’s check (usually until the customer’s next payday) before presenting the check into the customer’s bank for re payment. You might see these advertised as a quick payday loan, advance loan, or check always advance loan.
Michigan legislation calls this kind of loan a presentment that is“deferred transaction,” because the customer’s check is held for a period (deferred) prior to it being cashed (presented for re payment). Read more